SENATE BILL REPORT

                                    SB 5353

                              AS OF MARCH 6, 1991

Brief Description:  Revising the cost‑of‑living allowance for certain retirees.

SPONSORS:Senators Saling, Bauer, Rasmussen, Moore, Nelson, Jesernig, Vognild, Madsen, Skratek, Metcalf, von Reichbauer, Gaspard, Wojahn, West, Stratton and Snyder.

SENATE COMMITTEE ON WAYS & MEANS

Staff:  Denise Graham (786‑7715)

Hearing Dates:March 7, 1991

BACKGROUND:

A retiree in Plan I of the Public Employees' Retirement System (PERS I) or the Teachers' Retirement System (TRS I) currently receives a minimum benefit of $15.72 per month per year of service.  The minimum benefit is increased by a 3 percent cost of living adjustment (COLA) each year.

SUMMARY:

Beginning July 1991, a TRS I or PERS I retiree receives a minimum benefit of $16.72 per month per year of service.  At the same time, the 3 percent COLA will also be applied, raising the minimum benefit to $17.22 per month per year of service.

Appropriation:  none

Revenue:  none

Fiscal Note:  available

Effective Date:  The bill contains an emergency clause and takes effect immediately.